Beachside Tamarama named Australia’s best performer

Property Markets / Planning, Zoning, Infrastructure

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The Sydney beachside suburb of Tamarama has been named as Australia’s best performing housing market, boasting the country’s highest annual increase in median house values over ten years, according to REA Group research.

Tamarama’s median house price has increased at an average rate of $300,000 a year over the past decade, increasing from $3.8 million in 2008 to $6.8m in 2018.

REA Group chief economist Nerida Conisbee said the top 10 suburbs on the list were all in Sydney and ­Melbourne, were highly desirable and prestigious.

Coming in second was East Melbourne, where median house prices increased $289,000 a year over the decade, from $1.26m to $4.15m.

Ms Conisbee told The Australian that as a suburb’s median price increased, the number of ­potential buyers declined, resulting in less competition and ­upwards pressure on prices.

In Tamarama, only five houses are listed for sale, one at 22 Carlisle Street was listed for the first time in 60 years, with an asking price of $12m.

Last year it took five days for a home at 10 Thompson Street, Tamarama to sell for $11.2m through PPDR’s principal Alexander Phillips.

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